Raven Russia has entered into conditional legal contracts to forward fund and develop a $56m (£29m) logistics complex to the north of Moscow.
The AIM-listed company, managed by Raven Mount, will carry out the 592,000 sq ft (55,000 sq m) scheme in a 50:50 joint venture with Turkish company EGL Holdings. It will be built on a 25 acre (10 ha) site just outside the MKAD orbital motorwa) and close to Sheremetyevo Airport.
The scheme is 60% pre-let to third-party logistics operator EG Logistics on a five-year lease, without a break, ‘at a market rent’. The deal is structured to produce a net yield to Raven Russia of 13% once it has bought its partner's share of the scheme on completion.